Perrigo Earnings: Here’s Why Investors are Bidding Up Shares
Perrigo Co. (NASDAQ:PRGO) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 6.39%.
Perrigo Co. Earnings Cheat Sheet
Results: Net income increased 6.28% to $106 million ($1.36 per diluted share) in the quarter versus a net gain of $99.74 million in the year-earlier quarter.
Revenue: Rose 5.35% to $883 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Perrigo Co. reported adjusted net income of $1.36 per share. By that measure, the company beat the mean analyst estimate of $1.31. It beat the average revenue estimate of $881.84 million.
Quoting Management: Chairman, President and CEO Joseph C. Papa concluded, “Once again, the strength of our diversified business model was evident this quarter. Our Consumer Healthcare manufacturing operations are producing higher volumes and are operating more efficiently than at any time in our history…
…The Company continues to use our disciplined ROIC-centric process to make positive investments in operations and products. We expect further growth in store brand market penetration and strong new product launches, resulting in significant savings to consumers with quality, affordable healthcare products.”
Revenue increased 14.7% from $769.81 million in the previous quarter. Net income increased 0.4% from $105.58 million in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $1.39 to a profit $1.43. For the current year, the average estimate has moved up from a profit of $5.5 to a profit of $5.54 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)